He said the new companies would invest in various fields including real estate, manufacturing of perfume oils, health, education, training, festivals, exhibitions, tourism, entertainment, agricultural development and others.

He was speaking at a special gathering sponsored by the governor of Taif, Fahd bin Abdul Aziz bin Muaamar, at the Taif Intercontinental Hotel.

Kamel is also the chairman of the board of directors of the Jeddah Chamber of Commerce and Industry.

Kamel said the companies would start their activities within the next five to eight years. Their shares will be listed in the stock market.

These companies will greatly contribute to the development of Taif region, he added.

Kamel said the Waj company had set up the Furas (opportunities) International Company in Jeddah with a capital of SR120 million. It would implement projects in Africa at a cost of more than SR2.5 billion.

He said the Waj company had conducted feasibility studies on various investment projects in Taif with a view to exploiting its natural resources and developing its industries.

These projects will also provide job opportunities to Saudi nationals, he added.